According to the US Department of Labor, in the week ending March 1, the advance figure for seasonally adjusted initial claims was 323,000, a decrease of 26,000 from the previous week's revised figure of 349,000. The 4-week moving average was 336,500, a decrease of 2,000 from the previous week's revised average of 338,500.

In other news, the Bureau of Labor Statistics said that nonfarm business sector labor productivity increased at a 1.8 percent annual rate during the fourth quarter of 2013. The increase in productivity reflects increases of 3.4 percent in output and 1.6 percent in hours worked.

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